What is the purpose of the lac operon, and under what circumstances is it activated? Describe the structure of the lac operon, including the repressor protein, structural genes, and regulatory regions of the operon. What is the role of catabolite repression in the lac operon? 
Definitions:
Principal-Agent Problem
A dilemma in relationships when one party (the agent) is expected to act in the best interest of another (the principal), but has the potential to act in their own self-interest instead.
Stockholders
Individuals or entities that own shares in a corporation, giving them partial ownership and possibly dividends based on the company's performance.
Profit Maximization
A process or strategy used by businesses to achieve the highest possible profit, considering revenue and costs.
Shirking
The behavior of avoiding work or responsibilities, often seen in employment contexts where workers may not perform their duties optimally.
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